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Taxation-Federal

Selected Works

2006

Taxation-Federal Income

Articles 1 - 3 of 3

Full-Text Articles in Law

No Thanks, Uncle Sam, You Can Keep Your Tax Break, James Edward Maule Aug 2006

No Thanks, Uncle Sam, You Can Keep Your Tax Break, James Edward Maule

James Edward Maule

This article addresses the question of whether income tax deductions are mandatory, or may be waived by the taxpayer when doing so generates a tax or non-tax benefit. What little authority exists suggests that deductions are optional except in two specific instances related to the computation of net earnings from self-employment. The increasing number of taxpayers subject to the alternative minimum tax, the amount of which can be reduced in many instances by foregoing deductions, makes it very likely that the question will reach the courts in the near future. This article concludes that aside from the two specific instances …

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Editorial, Federal Tax Reform Has Gone By The Wayside, Michael Hussey Apr 2006

Editorial, Federal Tax Reform Has Gone By The Wayside, Michael Hussey

Michael Hussey

No abstract provided.

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Has Congress Stopped Executives From Raiding The Bank? A Critical Analysis Of I.R.C. §409a, Michael Hussey Dec 2005

Has Congress Stopped Executives From Raiding The Bank? A Critical Analysis Of I.R.C. §409a, Michael Hussey

Michael Hussey

In October 2004 Congress passed the American Jobs Creation Act ("AJCA"). Among other things, the AJCA created Internal Revenue Code §409A to address perceived abuses of nonqualified deferred compensation. Section 409A contains detailed and restrictive provisions relating to nonqualified deferred compensation including rules on when distributions may be made, when the arrangement may be renegotiated, and new penalties applicable if a plan fails to qualify under §409A.

This paper focuses on how §409A began largely as a reaction to the sizeable distributions to Enron executives from their nonqualified deferred compensation accounts shortly before Enron's collapse. The paper discusses how §409A …

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